CHARTERED ACCOUNTANCY (TAXC272)

A detailed summary of GEAR271 study unit 10 - Planning of the audit. Based on the learning outcomes for study unit 10. Includes a shorter summary for better understanding.

A summary of the definitions of risk and risk management, classification of risks, global focus on operational risk, the risk management framework, strategy and process, operational risk management structures and culture. Risk identification and evaluation: procedures, mitigating controls and pillars of risk control.

A detailed summary of strategy implementation, the core components thereof, the role of leadership in the process, the characteristics of a strategic leader, the key actions and responsibilities of a leader, leadership styles. Strategic change: definition, types, issues, causes and managing resistance to change. Strategic evaluation and general points to consider, decisional techniques and the balanced scorecard.

A summary of different types of taxes, current income tax (calculation, taxable vs accounting profits, temporary and permanent differences, provisional tax payments, presentation and disclosure) and deferred tax (definitions, measurement on the income statement method and the balance sheet method, calculation of the tax base of an asset and a liability, creating deferred tax assets and liabilities and presentation of deferred tax)

A summary of the types of liabilities, recognition criteria, measurement and disclosure of contingent assets and liabilities according to IAS 37 and how to treat events after reporting date according to IAS 10

A summary of the tax base, tax rate structure and tax liability. The tax framework for individuals, rebates, gross income (definition and court cases), special inclusions and exempt income. Summarized according to the learning outcomes provided for this study unit.

A summary of the normal tax payable by a natural person, rebates, medical tax credits, taxation of married persons, minor children, contribution to retirement funds, Section 18A donations, assessed losses and ring-fencing of assessed losses and the suspect trade list.

A detailed summary on GEAR271 study unit 11 - Audit sampling. Based on the learning outcomes provided. Includes examples for easy understanding.